Maxcyte Share Discussion Threads

[trident5] 12/8/2022 19:02

It's in the form 10Q (accessible from their site) - looks like she kept her options too.

[davep4] 12/8/2022 17:20

Thanks trident5, where are you picking up Amanda Murphy's consultancy fee of 35k per month?

[trident5] 12/8/2022 13:29

Dave p4 - actually I had another look at that and it looks like the deferred revenue has largely been credited to the balance sheet and not to income.
But they have capitalised a very big spend on software development.

The parting CFO has been kept on as a consultant to cover the transition at $35k a month in what now looks largely like a straightforward book-keeping role.

[davep4] 12/8/2022 11:48

trident5

You are of course correct, although I would comment that the date on which revenue is recognized, from an accounting perspective, can be tricky.

Cash burn appears to be around 5 M per Q.

__________________Q1______________Q2

Revenue___________11,587,300_______9,607,800

Cost of goods sold ___1,062,600________1,120,400

Gross profit _________10,524,700_______8,487,400

Cash ______________246.3 M _________240.9 M

[adamb1978] 11/8/2022 18:05

Yes, another good quarter. Guidance upped for the year, which isnt really surprising given it was quite conservative before. They'll likely beat this guidance too.

Cash seems plenty. $240m on the balance sheet - I could see that coming down to around $140m at Dec-24, though by then the top line will be large enough that the operating leverage will be coming through and losses reducing. They timed their more to Nasdaq and capital raising pretty well!

[2theduke] 11/8/2022 12:02

Decent results, all about the clinical trial outcomes for their 17 SPL (c90 trials) clients. In the meanwhile the underlying licensing income continues to strengthen positively. Good work. Oh and a load of cash

[trident5] 11/8/2022 11:33

Are they? Revenue down on Q1, but costs up. Significant cost taken to the balance sheet for software development. Lots of deferred income on the balance sheet. Heavy reliance on just one or two customers.

[davep4] 11/8/2022 11:05

Good Q2 nos released today.

[edwardt] 15/7/2022 13:22

not a lot if you hold them to maturity. but i take your point they probably are not getting 3% ie they would have locked in lower yields.

[trident5] 15/7/2022 12:34

But how much have those bills fallen in price?

[edwardt] 15/7/2022 12:01

i am only semi joking but if they have put most of the $ cash in 2 yr treasury bills at 3% this will be a nice addition to the income statement...

[edwardt] 13/7/2022 12:12

crispr on the move...

[rambutan2] 12/7/2022 22:22

Nice win:

12 July 2022

MaxCyte Signs Strategic Platform License with LG Chem to Advance its Allogeneic CAR-T Programs

LG Chem to use MaxCyte's Flow Electroporation(R) technology and ExPERT(TM) platform to accelerate the development of its T-cell therapy candidates for solid tumors

[adamb1978] 16/6/2022 15:05

"I guess it might be time for management to recognise the mood has changed towards loss making growth . If they could run the core business at break even whilst accumulating milestone and royalty opportunities it would be a simpler investment proposition"

I really hope they do not do that!!

I want them to do what is in the long-term interests of the company, especially when they have so much cash in the bank and zero pressure from that perspective.

Mr Market is having a wobble, but MXCT doesnt need to issue equity so its irrelevant for the company and should focus o the long-term, not where the share price is today

Cutting back to break-even would damage the business long term so I dont see it as being in investors' interests

[nchanning] 16/6/2022 12:44

I guess it might be time for management to recognise the mood has changed towards loss making growth . If they could run the core business at break even whilst accumulating milestone and royalty opportunities it would be a simpler investment proposition

[nanopayments] 15/6/2022 12:56

There are in vivo delivery technologies. Liquid nanoparticles has got a lot of attention, but so far as I know, has been unsuccessful in delivering anything outside the liver, the really easy organ to target. Beam Therapeutics is so bullish on LNPs that it bought Guide Therapeutics which specialises in the domain. Still, if you listen to John Evans, Beam's CEO and David Lui, they continue to say Beam plans to use both LNPs and Flow Electroporation for their current and future therapies. The best minds in the leading companies in the field have chosen MaxCyte, and MaxCyte's field scientists work closely with these companies, so would be among the first to know if there was a risk from competing firms or technologies.

I'm more worried about the macro picture. If the current financial stresses morph into a credit or liquidity crisis, then that would hurst MaxCyte's customers, especially those who plan on entering the clinic and some of those milestone payments would be in jeopardy if those in the clinic decide to stop development. Doug Doefler in his most recent presentation addressed this by saying their partners had pre-funded their clinical activity in 2021, so for the moment that concern may be overdone.

[multibagger] 15/6/2022 12:26

The current secular bear market is an opportunity for those with the financial heft to pick up some great companies available at a huge discount. The market is driven by sentiments of fear and greed and I agree that MXCT is grossly undervalued given its 5-10 year potential.

I hold a fair few MXCT as I have found the investment case compelling :)

[nchanning] 15/6/2022 10:52

Thank you multibagger , I get that there's minimal risk of Maxcyte being replaced on existing projects , but perhaps there is a risk of flow electroporation falling out of favour for novel therapies or someone else doing flow electroporation cheaper or better than Maxcyte . It's just that the value here is so obvious that I would like to know what the bear case is . When you look at the remarkable results in the CRISPR sickle cell trial , surely the options and the net cash alone are worth substantially more than the current market cap without even assigning any value to the core business which could easily be worth 10 x sales

[multibagger] 15/6/2022 10:29

Hi NChanning,

Not the way I read gene therapy prospects - which is going to be niche (at least to start with), but definitely a healthcare delivery gamechanger across a number of diseases, inherited and acquired.

I am of the view that the MXCT markdown is reflective of the secular scythe across the "tech" sector and those listed on NASDAQ.

Re electroporation - once a pharma uses MXCT proprietary tech of electroporation that results in the development of therapies which are then submitted for research validation/milestones, the pharma becomes a captive customer. As the pharma can't change the supplier of the proprietary electroporation technology without running the risk of having to re-submit/re-apply for regulatory/safety approval.

The cost, time and potential failures to the Pharmas involved in re-submissions cannot be underestimated. There is always a growing administrative burden of "compliance" - what gets approved today, may not pass muster without additional hoops to jump through in 5 years time. This is self inflicted financial pain that any pharma will want to avoid.

MXCT is an excellent investment in my view - we have to be patient for the returns to accrue and for a positive market sentiment to return.

[nchanning] 15/6/2022 09:43

Is there any reason to be worried about the status of flow electroporation or Maxcyte's position as the market leader ? Struggling to understand the bear case here with this much cash , all these free options , and a core business with 90% gross margins growing quickly in a red hot area . Perhaps there is a risk that gene therapy as a whole is overhyped and there won't be many approvals coming ?

[multibagger] 12/6/2022 13:02

Many thanks gsbmba99 for sharing - those are outstanding and exceptional outcome measures from a clinical and a life changing treatment from a patient quality of life point of view :)

Hope the market recognises this and marks us up :)

[gsbmba99] 12/6/2022 12:57

Yesterday's press release announcing updated patient data for CTX-001. Headline: 42/44 TDT patients were transfusion free in follow-up periods ranging from 1.2 to 37.2 months (the other two patients had reductions in transfusion volume of 75% and 89%). 31/31 patients with severe SCD had zero vaso-occlusive crises in follow-up periods ranging from 2 to 32.3 months (mean of 3.9 VOCs per year in the 2 years prior to treatment).
A few articles:


A few reactions from Twitter:
- CEO of in vivo gene editing company
- Professor at Cal Berkeley
- sector enthusiast

[gsbmba99] 09/6/2022 22:53

Allogene announced yesterday that ALLO-501A (widely believed to be a MaxCyte partnered product) had been granted RMAT (Regenerative Medicine Advanced Therapy) designation yesterday. RMAT combines the benefits of Fast Track and Breakthrough designations and permits, amongst other things, early interaction with the FDA. Allogene reiterated their intent to commence a pivotal trial for ALLO-501A by mid-2022.

As a sign of the currently high levels of activity, at yesterday's appearance at the Jefferies Healthcare conference, David Chang (Allogene CEO) indicated that the cell & gene therapy division of the FDA's CDER (Center for Drug Evaluation and Research) is having to deal with four new IND's (Investigational New Drug applications) per week.

[gsbmba99] 07/6/2022 10:01

Vertex and CRSPR will be presenting new patient data for CTX-001 at the European Hematology Association conference on Sunday. Vertex is also presenting economic data on the cost to treat SCD (sickle cell disease) ( and TDT (transfusion dependent thalassemia) ( Vertex says the undiscounted lifetime (35 years) cost of treating someone with severe SCD in the US is $5.2m and that the cost to treat TDT is $138k per patient per year. ICER (Institute for Clinical and Economic Review) recently concluded that Bluebird's treatment for TDT met commonly accepted value thresholds at $2.1m with performance based rebates ( Fingers crossed for good patient data on Sunday.

[pob69] 23/5/2022 08:21

Updated note via Trinity Delta

MaxCyte remains well positioned and well-funded to
continue to support and expand the adoption of its enabling technologies and
expertise in cellular based research and development of next-generation gene
edited cell therapies. Q122 revenues indicate both robust demand from cell
therapy customers and the implied clinical progress at SPL partners. FY22
guidance for the core business is now ahead of MaxCyte’s five-year revenue
CAGR (2017-21) of c 23%. We continue to view MaxCyte as a unique and
diversified play on the whole cell engineering field, providing broad exposure
across cell types, technologies, indications, and approaches. Our valuation is
£1.06bn / $1.39bn, equivalent to 1,050p or $13.64 per share.